All Forum Posts by: Benjamin Sussman

Hey BP Community.  I am starting a short term rental property management company and I am wondering a few things:

-If you use a short term rental property manager, what do their pricing structures look like? Do the percentages that they take as management fees include cleaning?

-Do your STR property managers do your book keeping/track your book keeping for you?

-If they set up your bookings for you, how much do they charge you to take pictures and set up your listing?

Thank you all so much in advance for all of your help and responses! I truly appreciate it so much!

I have a two unit brick building in logan square, Chicago that I’m house hacking. I have a soon to be empty 3bd/1ba first floor unit and an unfinished basement that I can either turn into a separate 2 bed one bath basement unit or I can annex it to the first floor unit and add three bedrooms in the basement.

I ran the numbers and I can make more money in both a long term rental and short term rental scenario renting the unit as a duplexed down unit and I would avoid a lot of excess work required to add the separate basement unit as a legal, conforming ADU.

What makes me nervous about duplexing down is having a less diversified income from this house hack.

If the short term rental has a few bad months or if the tenant in the unit stops paying, I have no other income to rely on in the building while im living in it. Thoughts?

Thank you so much for all of the thoughtful responses everyone! Given the context from you all, I am going to hold onto the property and will explore the option of doing a RELOC. 

Thanks!

Hey BP Community!

I currently have a 5 unit in the Back of the Yards neighborhood that produces $2,000 a month in cash flow. I think I could sell it for about $350k and get net proceeds from the sale of about $148k. I think the neighborhood has a lot of potential and given the planned developments for the neighborhood, I think the property could appreciate by another $100,000 over the next two years. Especially if the real estate market gains some more traction over the next two years.

I was also thinking about taking advantage of the beaten up markets that grew a lot during COVID (Tampa, Las Vegas, Seattle, Austin, Boise) and was specifically thinking about investing in either Austin or Tampa, and would hope that those markets would bounce back sharply in a few years and build my equity positions faster.

What do you all think is the move here?

Hey BP Community!

I have been trying to do research online for effective ways to structure a deal for subject to deals and, to be honest, it's hard to find good information out there, and I don't really feel like paying $7,800 for Pace Morby's online subject to class.

For those that have put out subject to offers, how do you structure the deal? What interest rates are you offering, how long of a repayment period are you using, and what are any other important components of the deal that you include?

Thank you so much for your help!

Ben

Per chicago code, I need to put up a sign that says who manages my property (it’s me). But anyway, I’m wondering if you all have any recs for what store or website to buy a plaque from?

Thanks BP community!

Hi BP Community,

I am a local Chicagoan and an investor in the Back of the Yards community with a total of 9 units in the area. I have been watching the neighborhood changing a lot recently and I am now very excited about the announcements of several new developments happening in the area. For anyone that wants local insider knowledge on big development plans in a neighborhood that is on the way up, check out the two articles below

https://blockclubchicago.org/2...

https://blockclubchicago.org/2...

Love this! I will definitely be there!

I have a tenant that I am evicting. Can I send them to collections if their only source of income is social security?

I truly believe in an area in Chicago's south side, Back of the Yards. The area is having a slew of nice bars, coffee shops, and restaurants that are opening in the area. 

I currently own 9 units in this area. I am trying to think of creative marketing ideas for creating buzz around the area to drive more consumers and high quality home owners and tenants to the area. 

I pitched articles to Eater Chicago and TimeOut magazine to highlight the area. Would love to hear any other ideas that you all have to generate buzz in a neighborhood/area.